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Sappho Estate Real Estate Agency

Sappho Estate Real Estate Agency

When you are looking to buy real estate in Lesvos Island there are a number of options available to you.

  • you can buy an existing property with the possibility that it needs only a little (and some a lot) of renovation.
  • you can buy a completely new built house, and basically get the keys and move right in.
  • you can buy a plot of land and build a brand new house on it, completely according to your own wishes.

Buying an existing property

There are quite a number of existing properties on the market of Lesvos and many of those are habitable houses which need little renovation. They are often traditionally built with use of stone and wood. There are also those existing houses which are often much older and deserted and a number of those are located in the more remote areas. These older houses require extensive renovation to make them suitable for today’s living standards and are not immediately habitable. Many people are attracted to the simplicity of traditional stone houses, however it is good to keep in mind that the renovation costs can easily exceed the cost of building a new house of similar size.

Although you will only hand over the final payment at the end of the procedure when you sign the contracts, it is important to make sure that the money is in position as early as possible (and that you know what budget you are working within).

  • Financing

Usually you will need a deposit of around ten percent once your offer has been accepted. There are also taxes and fees to bear in mind (see below). Many people deal in cash. This is the simplest form of transaction and has remained popular because for many years Greek banks have been so backward in offering mortgages. Now the banks are getting their act together so getting a mortgage is becoming more common. The purchaser will need proof of employment or income. If self-employed they will need to see previous tax returns. If the purchaser is a non-Greek, then the bank may still require a Greek guarantor. But if you are looking to use a Greek bank, again you should start the process early. Obtaining a loan to purchase property is becoming more and more common in Greece. This is a matter that must be negotiated directly with the private credit institution.

When a person buys property in Greece, in the year following the purchase, the buyer must file an income tax return to declare the property in the E9 tax form.

  • Justification of source of funds

Additionally, in this same document, the buyer must declare the source of the funds used to buy the property in Greece. For those who are permanent residents outside Greece, one way to satisfy this requirement is to show that the funds were wire-transferred into Greece from abroad. The document that is generally used to establish this fact is the "pink slip" issued by banks (in Greek, for the bank, this would be themonadiki veveosi agoras sinallagmatos).

  • Income tax filing

Owning property in Greece may, in some cases, also create the obligation to file an annual income tax return.

Every Sappho Estate Property Purchase Begins With a Vision. What's Yours?

Sun, Sea, Beach, Nature, Wildlife, Culture, History, Art, Liveliness, Peace and Quiet and Outdoor Adventure - Les­vos Island in Greece has it all. Whatever your lifesty­le­, Sappho Estate will find a community and property to match. And maybe introduce you to some Lesvos Island areas ­you've never considered or even knew existed! ­­

Of course, we'll help you determine how much you can spend on your Lesvos property and even point you in the right direction for the best mortgage loan available in Greece, but we don't stop there. Want only a short walk to the beach? Need easy access to hiking and biking trails? Are you more oriented on living inside or outside village? Want to live on the slope of a mountain? Maybe your perfect property is already on the market. Browse through our exclusive Lesvos Island real estate listings for photos and detailed information about each special property and plots of land.­­

Sappho Estate will guide and assist you through the entire process of buying your house or plot of land. After having chosen your property, the recommended first step is to hire an attorney.

  • Attorneys/Lawyers

Greek law requires that a buyer hire an attorney when the value of the property to be bought exceeds €29,347.03 for the Attica region, and €11,738.81 for all other areas. The purpose of this legal requirement is to protect the buyer. For this exact reason, it is recommended that an attorney be hired in all cases.

In Greece, it is lawyers who conduct title searches. Title searches are conducted at the relevant land registry, which is determined by the location of the property. The attorney typically reviews title documents covering at least a twenty-year period. The attorney also reviews the special and separate records maintained for any and all encumbrances that may burden the property. These liens and encumbrances include mortgages and pre-mortgages, title contests, attachments etc.